Bank accounts associated with the chairman of S Alam Group, linked to a sum of Tk113 crore, were formally seized by the court.
The Anti-Corruption Commission (ACC) of Bangladesh is currently investigating allegations of money laundering against Mohammad Saiful Alam, chairman of S Alam Group, and his associates. The investigation, which is ongoing, stems from accusations of massive loan embezzlement and misuse of power involving fraudulent documentation.
On 24th June, Dhaka Metropolitan Senior Special Judge Md Zakir Hossain Galib passed an order for the freezing of foreign investments belonging to Saiful Alam and his wife Farzana Parveen. These assets are located in Cyprus, the British Virgin Islands, and the Jersey Islands. The order was issued in line with Sections 10 and 14 of the Money Laundering Prevention Act 2012 and Rule 18 of the ACC Rules 2007.
The assets include a residential building in Cyprus, shares in 19 companies in the British Virgin Islands (including Hazel International PTE Limited and Peacock Property Holdings Limited), and six companies in the Jersey Islands. The ACC submitted applications asserting credible evidence that these assets were acquired through proceeds of crime and illegal funds.
The court's preventive seizure order was issued due to concerns that the couple might try to move these assets elsewhere. The order to freeze foreign investments is separate from the earlier order to freeze 53 bank accounts in Bangladesh, holding Tk113.09 crore, which was issued on 17th April.
In addition to the foreign assets, a Chattogram money loan court ordered the seizure of properties, shares, and bank accounts linked to S Alam Group to recover a defaulted loan totaling Tk10,280 crore. The investigation also involves scrutiny of several National Board of Revenue (NBR) officials, including commissioners, as part of broader anti-corruption efforts connected to this case.
The ACC has formed a joint inquiry and investigation team to probe allegations of money laundering against Saiful and his associates. The commission warns that if the funds are moved before the probe is complete, recovering them later would be extremely difficult.
The public is advised to follow the ACC's Google news channel for the latest information on this ongoing case. The channel may provide updates on the ongoing investigation into foreign investments, in addition to updates on the ongoing case in Bangladesh.
The ongoing investigation by the Anti-Corruption Commission (ACC) of Bangladesh, concerning money laundering allegations against Mohammad Saiful Alam, chairman of S Alam Group, and his associates, is not confined to domestic issues. The ACC has raised concerns about foreign assets, such as a residential building in Cyprus, shares in 19 companies in the British Virgin Islands (including Hazel International PTE Limited and Peacock Property Holdings Limited), and six companies in the Jersey Islands, which might be used for money laundering and are part of the general-news and finance sectors. The commission has cautioned that any potential movement of these assets before the probe is completed could hinder their recovery. Additionally, the public can stay informed about this ongoing case and foreign investment aspects through the ACC's Google news channel, falling under the category of general news and crime-and-justice.
